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RETAIL BANKING | Tony Chua, India

Published: 20 Jul 11

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UCO Bank targets issuing dollar bonds overseas

The public sector bank eyes using Reg S bond in its first offshore bond offering.

India's state-run UCO Bank is looking to raise offshore money through dollar bonds in what will be its first overseas bond offering, a source with direct knowledge of the matter told Reuters on Monday.

The bank is looking to raise funds through a Reg S bond, which means the issue will be open to overseas investors outside the United States, the source said.

The lender is in the process of finalizing banks for the mandate and is expected to raise the funds in the next two months, the source said.